全球智库信息集成服务系统(G2TT): DP14968 One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14968
	DP14968 One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area
	Giancarlo Corsetti; Joao B. Duarte; Samuel Mann
发表日期	2020-06-29
出版年	2020
语种	英语
摘要	We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity. We find this to be low in financial variables and output, but significant in consumption, consumer prices, and variables related to local housing and labor markets. We build a small open economy model featuring a housing sector and calibrate it to Spain. We show that varying the share of adjustable-rate mortgages and loan-to-value ratios explains up to one-third of the cross-country heterogeneity in the response of output and private consumption.
主题	Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词	monetary policy High-frequency identification Monetary union Housing market Loan-to-value ratio Adjustable mortgage rates
URL	https://cepr.org/publications/dp14968
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543911
推荐引用方式 GB/T 7714	Giancarlo Corsetti,Joao B. Duarte,Samuel Mann. DP14968 One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area. 2020.